因應營運模式與財務結構的差異，本研究將國內3C產業前12大上市櫃公司，分為3C代理、3C門市及通訊門市三群，採用2009-2014年期間各廠商年度資料，並選擇以營業成本、存貨、應收帳款作為投入變數項目，然後以選取營業收入淨額及營業利益為產出變數來加以分析探討。並且再運用資料包絡分析法、差額分析求得各類產業模式的效率值，對於它們無效率的項目原因加以分析探討，且以視窗分析法算出各群組之跨期效率值，以了解它們在不同經營模式下，風險與報酬表現的關係位置。 根據所研究實證分析得到結果，歸納結論如下:1. 由敘述性統計得知，3C代理有較高比例的營業收入及較低的營業利益，通訊門市有較高比例的營業利益及較高的營業成本。2. 資料包絡分析法得知3C代理商的效率值最低，接下來是3C門市跟通訊門市，供應端獲利能力差所以效率值差，而服務端因為獲利能力高，所以效率值相對比較好。3. 3C代理多數處於低風險低報酬劣勢位置，3C門市和通訊門市多處於低風險高報酬優勢位置。4. 以差額變數分析來看，3C代理需要改善的是營業成本與應收帳款，3C門市須要改善營業成本。 In this research, top 12 public trade or over-the-counter companies were specified into three groups, 3C agents, 3C retails and telecommunication retails, according to their business models and financial structures. Global IT industry had been impacted since the financial crisis in 2008. Annual data from 2009 to 2015, i. e. operation cost, accounts receivable and stock, were collected as input variables. Net operating income and operating profit were analyzed as output variables. Finally, efficiency rating of business models were carried out through DEA and ANOVA. Its inefficiency was defined as well. Meanwhile, the relationship among intertemporal efficiency rating of all groups, observations on risk and efficiency performance were examined via window analysis.The results of the research were summarized below referring to the empirical analyses. According to the result of descriptive statistics, 1. 3C agents had higher operational profit but lower operational cost. Telecommunication retails had higher operational profit as well as cost.2. Referring to the result of DEA, 3C agents’ efficiency rating was the poorest, following 3C retails and telecommunication retails. The supply end’s profitability was weak and consequently its efficiency rating presented in a low level. Oppositely, the service end’s resulted in better efficiency rating due to higher profitability.3. Many 3C agents were in a poor condition of low risk and low return while many 3C retails and telecommunication retails were in the one of low risk and high return.4. The result of ANOVA concluded that 3C agents should improve operational cost and accounts receivable and 3C retails operational cost only.
